GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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20:43 Sep 5, 2015 |
Dutch to English translations [PRO] Bus/Financial - Law: Taxation & Customs | |||||||
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| Selected response from: Michael Beijer United Kingdom Local time: 16:46 | ||||||
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Summary of answers provided | ||||
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4 +2 | (AmE) home > (BrE) home-owner's > equity |
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3 | home equity reserve (sale proceeds minus current mortgage loan); equity [tied up] in house, etc. |
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Summary of reference entries provided | |||
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Discussion entries: 5 | |
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(AmE) home > (BrE) home-owner's > equity Explanation: Michael B. beat me to it. But I am still going to post my own 'spin' on the idea. Reference: http://www.businessdictionary.com/definition/home-equity.htm... |
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25 mins confidence:
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45 mins |
Reference Reference information: Homeowner Loans Homeowner loans or popularly known as simply secured loans are long term loans that subject one’s home equity as collateral. This type of loan is commonly used for big expenses such as home renovation, vehicle purchase, or debt consolidation. Because of the typically high amount of money involved, this loan is repayable between one and twenty five years. You may be able to borrow between £10,000 and £100,000 depending on your homeowner’s equity. Equity is defined as the homeowner’s total interest in the property as a result of the difference between the market value and any outstanding mortgage balance or secured debt against the property. Before your loan is approved, the lender will have to check for its real value, as well if there are any other loans secured against it. If there is, your interest rates can become higher. Homeowner loans are also known as second mortgage. This is because the homeowner loan company is second in line to collect debt repayments, next to the mortgage company, should the borrower defaults that would end up in repossession and sale of the property. http://www.badcreditloans365.co.uk/homeowner-loans.html |
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